SAN DIEGO--(BUSINESS WIRE)--Robbins
Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/mattelinc/)
today announced that a class action has been commenced by an
institutional investor on behalf of purchasers of Mattel, Inc.
(“Mattel”) (NASDAQ:MAT) publicly traded securities during the period
between October 20, 2016 and April 20, 2017 (the “Class Period”). This
action was filed in the Central District of California and is captioned Waterford
Township Police & Fire Retirement System v. Mattel, Inc., et al., No.
17-cv-04732.

If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff’s counsel, Darren
Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via
e-mail at djr@rgrdlaw.com. If you
are a member of this class, you can view a copy of the complaint as
filed at http://www.rgrdlaw.com/cases/mattelinc/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.

The complaint charges Mattel and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. Mattel is a
multi-national toy manufacturing company.

The complaint alleges that during the Class Period, defendants made
false and misleading statements and/or failed to disclose adverse
information regarding Mattel’s business and prospects, including that
prior to and during the Class Period, Mattel’s retail customers were
loaded with extremely high levels of unsold Mattel product and, as a
consequence, Mattel was exposed to the heightened risk that it would
have to issue its retailers financial concessions (in the form of sales
adjustments, discounts and promotions) to remove such excess inventory,
as well as the heightened risk that Mattel would experience slower sales
growth in future periods. As a result of defendants’ false statements
and/or omissions, Mattel shares traded at artificially inflated prices
of more than $33 per share during the Class Period.

Then, on April 20, 2017, after the close of the market, Mattel announced
its first quarter 2017 financial results, reporting that, on a
year-over-year basis, worldwide net sales and gross margins each
declined by more than 15%, and its operating loss increased by more than
158% to $127.0 million from $49.1 million. Mattel’s first quarter 2017
results were significantly below Wall Street consensus estimates. In
fact, Mattel’s 15% net sales decline during the quarter was twice the
7.8% decline expected by Wall Street analysts and its reported first
quarter 2017 gross margins were 520 basis points less than expected Wall
Street consensus estimates. In response to these revelations, the price
of Mattel stock fell nearly 14%, or $3.42 per share, on heavy trading
volume to close at $21.79 per share on April 21, 2017.

Plaintiff seeks to recover damages on behalf of all purchasers of Mattel
publicly traded securities during the Class Period (the “Class”). The
plaintiff is represented by Robbins Geller, which has extensive
experience in prosecuting investor class actions including actions
involving financial fraud.

Robbins Geller is widely recognized as a leading law firm advising and
representing U.S. and international investors in securities litigation
and portfolio monitoring. With 200 lawyers in 10 offices, Robbins Geller
has obtained many of the largest securities class action recoveries in
history. For the third consecutive year, the Firm ranked first in both
the total amount recovered for investors and the number of shareholder
class action recoveries in ISS's SCAS Top 50 Report. Robbins Geller
attorneys have shaped the law in the areas of securities litigation and
shareholder rights and have recovered tens of billions of dollars on
behalf of the Firm’s clients. Robbins Geller not only secures recoveries
for defrauded investors, it also implements significant corporate
governance reforms, helping to improve the financial markets for
investors worldwide. Please visit http://www.rgrdlaw.com
for more information.